Monday, January 30, 2023
HometechnologyBinance, the world's largest cryptocurrency exchange, gets banned by UK regulator

Binance, the world’s largest cryptocurrency exchange, gets banned by UK regulator

  • Britain's Financial Conduct Authority said that Binance Markets Limited "is not permitted to undertake any regulated activity in the U.K."
  • From June 30, Binance must notify U.K. users of the FCA's restrictions in a prominent place on its website and apps.
  • It's the latest sign of a growing crackdown on the cryptocurrency market from regulators around the world.

In this article

Changpeng Zhao, CEO of Binance, speaks during a TV interview in Tokyo, Japan, on Thursday, Jan. 11, 2018.Akio Kon | Bloomberg | Getty Images

LONDON – Cryptocurrency exchange Binance has been banned from operating in the U.K. by the country's markets regulator, in the latest sign of a growing crackdown on the crypto market around the world.

Britain's Financial Conduct Authority said Saturday that Binance Markets Limited, the U.K. division of Binance, "is not permitted to undertake any regulated activity in the U.K."

From June 30, the company — which already offers Brits crypto trading through its website — must add a notice in a prominent place in its website and apps showing U.K. users the following text:

BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE U.K. Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. (No other entity in the Binance Group holds any form of U.K. authorisation, registration or license to conduct regulated activity in the U.K.).

Binance, the world's largest crypto exchange by trading volumes, was set to launch its own digital asset marketplace in Britain. However, it was one of several crypto firms that withdrew applications to register with the FCA due to not meeting anti-money laundering requirements.

"Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA," a spokesperson for the FCA told CNBC. "The action taken today on Binance Markets Limited has been in train for some time."

RELATED ARTICLES

Most Popular